The European Commission has said it is creating a fund of EUR 37 billion to help member states repair their economies after the coronavirus outbreak.
EC President Ursula von der Leyen said that the EU budget would allocate EUR 8 billion to small and medium-sized businesses impacted by the crisis.
“Member states should be encouraged to take all necessary measures to support their economy”, she said during a news conference today.
“The virus is not only dangerous to our health, it is also affecting our economies. It is a huge shock to the global and European economy. We must take decisive and courageous action now, at all levels,” she said.
The Brussels-based executive said she will do “whatever is necessary” to support the economy of member states in the coming weeks. Von der Leyen urged European capitals to cooperate in their response to the coronavirus crisis, condemning any unilateral action such as closing borders.
“It is not good when a member state takes unilateral action. I have seen travel bans and controls put in place. But let’s look together… certain controls may be justified but the action has to be proportionate,” she said.